Because they have business sense. Much better business sense to let the note holders get desperate to get any form of their capital back, screw the price down and force the note holders to take a haircut. You wouldn't want anything of the old AJM going forward, shareholders etc because that's where the debt is.
You offer them $100 million for the plant and mine, get it at some substantial discount. Place into care and maintenance. AJM gets liquidated. At least the BOD loses as well. How much has Buckler just lost? At least they get burnt as well.
It's a zero sum game, someone has to lose and someone has to win.
New company gets formed, SP6 prices eventually go up as supply gets further restrained. Then when the prices get high enough you restart.
As for the offtakers, never take 100% supply from one supplier. They'll just move on to the next one.
Still doesn't change the outcome for current shareholders, 100% loss.
Because they have business sense. Much better business sense to...
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